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I just lost 200k XRP


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Just remember that chances are, none of us will be selling anywhere near the new to be set ATH when it does happen. So don't think of it as 'losing' 200k XRP, just pretend you didn't sell the very top when we do eventually moonshot. That's at least how I personally deal with bad trades (lost 10k XRP  back in 2018).

Of course you still lost a large amount of money, but later on selling and profiting $2 million instead of potentially $3 million (just random numbers) doesn't really sound that bad after all :)

Edited by billion
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Firstly sorry to hear your loss.  I behaved in a similar way after the pump and dump.  If I had been more cool headed, and attentive, I would not have lost 25K ADA instead now be 100k up on my stock of XRP.  I felt very bad afterwards, and my behaviour still annoys me now

Our behaviour is classic.  It is very well known through studies of stock market traders that when we lose money we go sort of mad.  We behave irrationally and out of character, making drunken bets that we hope will recover our losses.  It is a normal part of grieving.

Whenever you make a mistake and lose substantially, STOP!  Assess your options with a sober mind and act decisively but rationally and walk away.  Do not simply go on trading whilst grieving a loss, because you are in effect drunk on the pain of your losses.  It a lesson we can learn.  I certainly have learnt the hard way

I hope you have enough stock left to make very good gains on your investment.  Choose something strong and in a dip.  I think DOT looks good (not financial advice)  ADA is good, but it might need to go back to .75, although my guess is it will go to 1.2 before having a major retrace.  XRP looks good, just hold (not financial advice)

Do not chase money, do not buy high.

Edited by Julian_Williams
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A very easy trap to fall in to unfortunately. Crypto is gambling at this stage, and I think these leveraged options to amateur traders are not really any different to playing online slots. The addictive nature of chasing the earlier win, and making more reckless choices to get back equal are really typical.
 

Try not to dwell too much on the ‘loss’. We are all going to ‘lose’ some profits along the way. Everybody could have brought in at a different time, traded differently, and ultimately exited at a different time. People who rode BTC from $20k to $3k would have been kicking themselves for years no doubt they should have sold at $20k. And other who did sell at $20k who felt smug for years, would be regretting it now. It’s all relative.

When we have top companies buying BTC, banks supporting custody and likely some regulatory clarity from USA all this year, in the grand scheme of things this will probably be a small blip in your journey. The biggest challenge will be deciding when to exit I think. It sounds like you have above average sized stack still anyway, so you gonna be just fine 👍

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2 hours ago, stickynoodle69 said:

Hey guys, not feeling too good. At all actually. Just wanted to share my experience so that you won't make the same mistake I did recently. I'm sure you are all aware or the huge price swings for XRP lately. From 75 cents t0 17 cents, back to 70 cents and down to 35. At no time did I ever get to capitalize on these (Bitrue froze up for me during the PnD). I am not a trader, been buying and holding for 3 years. I even took profits form other coins like Eth and Link Btc etc. Poured them all into XRP because XRP hasnt really moved much yet whereas my other coins I have 4-5X'd on.

Because I missed out on making gains on the PnD and the SEC news, I felt like I needed to increase my bags. It started by just shorting XRP. Worked a couple times, managed to scalp about 40k XRP. A couple days ago Btc pretty big drop in price. I just happened to wake up in that time and noticed it. I thought the bear market is here, maybe I can scalp more XRP. Like an idiot I sold all my XRP at 0.48 cents, and as soo an that happened literally XRP bounced right back to 52 cents.

To make things worse, as angry as I was I decided to try to find a new coin to catch me back to where I should be. I should of just taken the small hit and just rebought at a higher price. But no, I saw avalanche. I figured it was trending up, thinking that it's going to get the Cardano/ polkadot treatment because it's a smart contract platform. As you guys can see, price dumped. I am such an idiot, I knew better not to do things like this with basically my whole portfolio. I bought at $58 and woke up the next morning to $48 and sold. But it doesn't stop there. I decided to try and make up for this again, and bought GRT. Which is actually a really good project, I bought in at $1.90, it stayed there the whole day. But now XRP was pumping up a bit, so I figured it was the pre trial pump happening, It was time to get back in XRP, losing out on 200k XRP, about $100k. And to our salt into the wound this morning I woke up with The Graph at 2.75, seriously FML. smh

The moral of the story is more complicated than it seems at first. Yes, Hodl, never be emotional when you sell/ trade, stick with your plan, don't get greedy and by coins at new ATH's. I knew all this. But I still did it anyways because of emotions. This is the moral of the story, is that even if you know all these rules, you could still make these mistakes due to emotions and other circumstances. And you might not even realize that you are making them until it's too late. For me I was overconfident, that is why I risked it.

Now I am consulting a counselor. I hope the best for all of you. Be safe.

Sorry to hear this. Make this a lesson learned and you'll be stronger in the future!

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2 hours ago, stickynoodle69 said:

Hey guys, not feeling too good. At all actually. Just wanted to share my experience so that you won't make the same mistake I did recently. I'm sure you are all aware or the huge price swings for XRP lately. From 75 cents t0 17 cents, back to 70 cents and down to 35. At no time did I ever get to capitalize on these (Bitrue froze up for me during the PnD). I am not a trader, been buying and holding for 3 years. I even took profits form other coins like Eth and Link Btc etc. Poured them all into XRP because XRP hasnt really moved much yet whereas my other coins I have 4-5X'd on.

Because I missed out on making gains on the PnD and the SEC news, I felt like I needed to increase my bags. It started by just shorting XRP. Worked a couple times, managed to scalp about 40k XRP. A couple days ago Btc pretty big drop in price. I just happened to wake up in that time and noticed it. I thought the bear market is here, maybe I can scalp more XRP. Like an idiot I sold all my XRP at 0.48 cents, and as soo an that happened literally XRP bounced right back to 52 cents.

To make things worse, as angry as I was I decided to try to find a new coin to catch me back to where I should be. I should of just taken the small hit and just rebought at a higher price. But no, I saw avalanche. I figured it was trending up, thinking that it's going to get the Cardano/ polkadot treatment because it's a smart contract platform. As you guys can see, price dumped. I am such an idiot, I knew better not to do things like this with basically my whole portfolio. I bought at $58 and woke up the next morning to $48 and sold. But it doesn't stop there. I decided to try and make up for this again, and bought GRT. Which is actually a really good project, I bought in at $1.90, it stayed there the whole day. But now XRP was pumping up a bit, so I figured it was the pre trial pump happening, It was time to get back in XRP, losing out on 200k XRP, about $100k. And to our salt into the wound this morning I woke up with The Graph at 2.75, seriously FML. smh

The moral of the story is more complicated than it seems at first. Yes, Hodl, never be emotional when you sell/ trade, stick with your plan, don't get greedy and by coins at new ATH's. I knew all this. But I still did it anyways because of emotions. This is the moral of the story, is that even if you know all these rules, you could still make these mistakes due to emotions and other circumstances. And you might not even realize that you are making them until it's too late. For me I was overconfident, that is why I risked it.

Now I am consulting a counselor. I hope the best for all of you. Be safe.

Sorry for your sad experience!  Thanks to share it :(

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I understand. 

Fortunately, XRP's price isn't remotely close to maturity, and you know more about this space than a large portion of the population. 

And, don't worry that when the next few trading opportunities arrive, you feel gun shy. It's normal.  I've suffered significantly greater losses, and it took me nearly a year to 'get back on the horse', so to speak. Be patient. 

In the big picture, you'll be fine. The industry is still young, and you've got your hands on the reins of a true stallion (XRP), be it for short or long term gains. 

Cheers!

 

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